ADR Share Programme

The American Depositary Receipt (ADR) programme offers a convenient way for residents of the United States to invest in the Carlsberg Group.

An ADR is a negotiable U.S. certificate representing ownership of shares in a non-U.S. corporation. ADRs are quoted and traded in U.S. dollars in the U.S. securities market. Also, dividends are paid to investors in U.S. dollars.

Carlsberg’s Level 1 ADR facilitates investment in Carlsberg A/S by North American (and other USD) investors.

The Carlsberg ADRs trade over-the-counter.

ADR Information








5 ADRs: 1 ORD






J.P. Morgan

Effective Date

26 February 2010



Underlying SEDOL


Underlying ISIN


The Carlsberg ADR profile can be searched on

Depositary bank

JPMorgan Chase Bank N.A.
383 Madison Avenue, Floor 11
New York, NY10179

(866) JPM-ADRS (866 576-2377)

Transfer agent

[email protected]
General: (800) 990-1135
If calling from outside the U.S.: (651) 453-2128
E-mail: [email protected]

JPMorgan Chase & Co.
P.O. Box 64504
St. Pauls, MN 55164-0504

Institutional investors/Broker desk

James Reeves
Tel: +1 212 552 8928
E-mail: [email protected]


Frequently asked questions about ADR

How can I buy an ADR?

You can buy an ADR through a broker just as you would a U.S. security.


How do I convert my ordinary shares into ADRs? 

Converting ordinary shares into ADRs must be done through a broker or an investment advisor.

Can I purchase ADRs directly from Carlsberg? 



How are ADR dividends paid and taxed?

Dividends are paid in U.S. dollars and are generally taxable like dividends on U.S. shares. In addition, taxes may be withheld by the ADR Company’s local government. Depending on individual circumstances, foreign taxes withheld might be applied as credit against U.S. taxes or tax reclaim opportunities may be offered.

How can I find out dividend and corporate action information on Carlsberg ?

For dividend and corporate information, please visit Using the DR Search function at the top of the screen, type in the company name or ticker and find dividend and other key information under the company's profile.

What is the difference between a Registered holder and a Beneficial ADR holder?

A registered holder is one whose name appears on the books of the depositary as a registrar; the registered holder is considered the owner of record. A beneficial holder is one whose holdings are held in a name other than their own, such as the name of a broker, bank or nominee.

Is it easy to get information and updates on an ADR company?

ADR issuers have full information in English about themselves on their websites and are better tracked by the main U.S. financial websites.